Category: Condo Insurance

With the rise of condo living in the Las Vegas, NV area, we at Leo Insurance Group are often asked: how much condo insurance do I need? The answer depends on a variety of factors, including the type and size of your condo, as well as any additional coverage you may need. 

Condo Insurance: The Basics

The basic rule of thumb is to get enough coverage to cover both your personal belongings and your liability risk. To determine the right amount for you and your needs, it’s important to review the terms and conditions of your condo association agreement. Your agreement should provide information about what types of losses are covered by the association policy and what amount of coverage is required for each item. 

Once you have reviewed the agreement, you can then calculate how much additional coverage is needed to cover any gaps in coverage. This additional coverage could cover anything from damage caused by natural disasters or accidents to theft or vandalism. Depending on where you live and other factors such as whether you rent out your unit or use it as a short-term rental property, there may be other types of insurance that you should consider adding on top of basic liability protection. 

Taking into account these considerations will help ensure that all of your possessions are covered in case unexpected events occur. For example, if a fire were to destroy all of your belongings inside the condo unit, having adequate insurance would make sure that they are replaced at no extra cost to you.

It pays to review all options when considering how much insurance is necessary for your particular situation—and talking with an experienced agent can help make sure that all angles are taken into consideration when determining the best amount for you.

Contact Us Today

For more information, call Leo Insurance Group today. We serve the Las Vegas, NV area.

Owning a condo in Las Vegas is a dream come true. Once you have accomplished your dream, it is hard to imagine anything happening to shatter that dream. Unfortunately, bad things do happen and when you have to file a claim with your insurance company it is never fun. But it can be easier if you have a home inventory. At Leo Insurance Group in Las Vegas, NV, we are a full-service independent insurance agency with an experienced team to help you with all your insurance needs. 

If your condo is damaged, and you lose some or all of your possessions, you will be asked to provide some proof of what you had prior to the damage. In this type of situation, you may be rather traumatized by what has happened to you and trying to remember all the things you had before it happened. Not to mention the time trying to reconstruct everything from memory. 

Filing a claim isn’t easy or enjoyable, but it can be less stressful if you have an inventory you did prior to the damage. You can document every room with pictures and a written list. Look in every drawer, closet, and cabinet. Take pictures especially of more expensive items. Attach sales slips or invoices to the page for that room. Give as much detail as possible. 

For larger items like appliances and electronics, include brand, model, and serial number. If you have jewelry, art, or antiques, having an appraisal is important to prove the value. Once your inventory is complete, place it in a safe place where you will be able to safely access it when your condo is damaged.

You don’t need to have an inventory but having one will save time and effort in the event you file a claim. Contact Leo Insurance Group in Las Vegas, NV to learn more about condo coverage.